Taking A Bite Of The Market Share At The Lowest Possible Cost
Although most business owners would agree that it would be nice to have a sizeable advertising budget, it is not necessary to spend much money to increase sales of your product or service. All that is required is that you develop a plan using some creativity and strategy. Once you have a solid plan, follow through step by step to see profitable results.
The first thing to do is to determine your target audience. Aim your efforts at the people who use your product or service. If you sell motorcycles, you would probably want to avoid marketing to grade school children and their mothers for instance.
In determining your target audience, it can be helpful to make a list. Begin with the most obvious if you are opening a store that sells women’s clothing, the obvious clientele is going to be women. Start your list there.
Next, take your list one step further still. Within the larger framework of your business category (women’s clothing store), what specialties if any does your business have? A store that sells bridal gowns may have a different target audience than one that sells women’s sporting goods. Similarly, a plus-sized clothing store and a petites clothing store are not selling to the same audience.
And where do you conduct business? Are you an e-tailer, with your sales coming via the Internet? Are you a retailer with a physical presence in town? Knowing where your audiences will be looking for you and for goods and services like those you offer is crucial to successful marketing.
A business owner who casts too wide of a marketing net is wasting revenue. Advertising women’s athletic clothing in a local running magazine is good marketing sense; advertising women’s bridal gowns in this same magazine is likely a waste of advertising dollars. Not because women who run can’t also be planning a wedding, but because those same advertising dollars would be much better spent for ad space in a bridal publication.
Your ultimate goal is to get customers into your store. You need a hook to convince them to come in, and to seriously consider making a purchase. Advertising a special offer, or providing a coupon for money off of their purchase, can convince a potential customer to patronize your store.
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